Hi,
Have been reading many posts around the offshore subject. My requirements were not fully covered or at least not found in a threads I have read so far. Apologies if I have repeated something. I welcome the details to any post which already has the information relevant.
Background: UK citizen.
Presently I have been living in the UAE for the last 12 years. Have a UAE freezone company with a UAE bank account for the company and personal accounts. Business payments received are all TT or occasional LC payments.
Having had enough of the desert, I now wish to relocate to Italy and be as a resident there which is unavoidable if I am actually living there.
After taking local tax advice, there is a flat rate structure of tax which means I can be self employed ( as the director of an overseas company) and pay a fixed percentage of tax per year, on the income declared.
Italian cost of living is much lower than UAE, as odd as it may sound to some.
Its OK to pay some tax as in the UAE I pay a lot of money each year to keep the company operational in terms of licence renewal, mandatory fees and the resident visa renewal, which has to be for me personally as I am the only director.
(this means if I continue I must travel to UAE every 180 days or face the visa being automatically cancelled and pay more fines and fees to get it resolved). Also in recent years we are getting new innovative fees, costs added for No reason and nothing to gain from them, Just an excuse that its a new government rule. These can be announced today in an Arabic only newspaper and you never find out until you go to the relevant office to do some documentary work.. Then you have to make a payment immediately . (mild frustration)
My objective is to find a suitable Offshore location to move the business where I can be the sole director, have good banking facilities to allow for International transactions, These regularly come from Parts of Africa, Middle East, Caribbean, Far East. for banking I need to get a corporate credit card which can be used internationally.
We had considered Cyprus as a logical choice, but local tax experts their don't suggest we have a Offshore structure, But have a managed Cyprus structure and offset costs to another location and transfer of profits that way. However the overhead costs are much higher when all the annual reporting and costs are taken into account along with payments for nominee directors etc etc.. This is looking less likely as a choice now.
With newer rules on reporting CRS related aspects.
Are there any suggestions for a lower cost structural set up.
Its possible to even consider a UAE RAK Offshore structure, If I can get the bank accounts and also get a level anonymity which might be needed If the Italian authorities press hard about Beneficial ownership etc.
Italy taxes on global income..
Prefer to be as low key as possible .
Have no objection to the payment of Tax in Italy on the income I declare once I declare myself a resident.
(We supply medical consumables direct from production to end user. As we need to remain competitive and keep end patient costs low we wish to keep our margins low and not have huge overheads.)
Our profit margins are not high and we could just be considered close to the high tax bracket in the UK.
We live modestly and need to keep profits in the company while we take a average income (declared in Italy).
I believe I have outlined most of the issues and background to get as much help as possible.
Many thanks in advance.
Have been reading many posts around the offshore subject. My requirements were not fully covered or at least not found in a threads I have read so far. Apologies if I have repeated something. I welcome the details to any post which already has the information relevant.
Background: UK citizen.
Presently I have been living in the UAE for the last 12 years. Have a UAE freezone company with a UAE bank account for the company and personal accounts. Business payments received are all TT or occasional LC payments.
Having had enough of the desert, I now wish to relocate to Italy and be as a resident there which is unavoidable if I am actually living there.
After taking local tax advice, there is a flat rate structure of tax which means I can be self employed ( as the director of an overseas company) and pay a fixed percentage of tax per year, on the income declared.
Italian cost of living is much lower than UAE, as odd as it may sound to some.
Its OK to pay some tax as in the UAE I pay a lot of money each year to keep the company operational in terms of licence renewal, mandatory fees and the resident visa renewal, which has to be for me personally as I am the only director.
(this means if I continue I must travel to UAE every 180 days or face the visa being automatically cancelled and pay more fines and fees to get it resolved). Also in recent years we are getting new innovative fees, costs added for No reason and nothing to gain from them, Just an excuse that its a new government rule. These can be announced today in an Arabic only newspaper and you never find out until you go to the relevant office to do some documentary work.. Then you have to make a payment immediately . (mild frustration)
My objective is to find a suitable Offshore location to move the business where I can be the sole director, have good banking facilities to allow for International transactions, These regularly come from Parts of Africa, Middle East, Caribbean, Far East. for banking I need to get a corporate credit card which can be used internationally.
We had considered Cyprus as a logical choice, but local tax experts their don't suggest we have a Offshore structure, But have a managed Cyprus structure and offset costs to another location and transfer of profits that way. However the overhead costs are much higher when all the annual reporting and costs are taken into account along with payments for nominee directors etc etc.. This is looking less likely as a choice now.
With newer rules on reporting CRS related aspects.
Are there any suggestions for a lower cost structural set up.
Its possible to even consider a UAE RAK Offshore structure, If I can get the bank accounts and also get a level anonymity which might be needed If the Italian authorities press hard about Beneficial ownership etc.
Italy taxes on global income..
Prefer to be as low key as possible .
Have no objection to the payment of Tax in Italy on the income I declare once I declare myself a resident.
(We supply medical consumables direct from production to end user. As we need to remain competitive and keep end patient costs low we wish to keep our margins low and not have huge overheads.)
Our profit margins are not high and we could just be considered close to the high tax bracket in the UK.
We live modestly and need to keep profits in the company while we take a average income (declared in Italy).
I believe I have outlined most of the issues and background to get as much help as possible.
Many thanks in advance.
